Open Interest, Volume, and Network Fuel Optimism

• Vechain’s VET has impressed for the last couple of weeks, gaining more than 60% in the last 30 days, with on-chain data, network growth, and investor interest pointing to a bullish outlook.
• Prominent crypto analyst EGRAG has recently identified a massive opportunity that is likely to propel VET, with prices primed to reach over $1.

VeChain (VET) has shown great resilience and determination in the past couple of weeks. In just the last 30 days, the altcoin has gained more than 60% to reach a yearly high of $0.053. The recent surge has coincided with a wider market rally led by Bitcoin (BTC), which has set a new all-time high of $73,580.

VET’s recent performance comes amidst a bullish forecast based on the altcoin’s technical setup, network development, and increased institutional interest.

Following a market-wide correction, VET has shed nearly 3% in the past 24 hours and is trading at $0.04712. Despite this setback, experts and investors are confident of a rebound. For smart investors, the drop offers an opportunity to accumulate ahead of the next breakout.

Crypto analyst EGRAG has recently shared his bullish outlook on VET. The analyst has predicted a massive breakout that will be completed in three phases. As highlighted by the analyst, the token is trading at a critical level, with bulls and bears locked in a battle for control. If the bulls can take control, they will look to break above the $0.053 high and aim to trade above $0.09.

From here, the analyst foresees a parabolic breakout that sees the token reach $0.23. This signifies a more than 390% rally from current prices. In the long term, the experts foresee the digital asset topping $1, marking a new all-time high for the digital asset. However, this could be hindered by profit-taking at its all-time high of $0.281, reached nearly three years ago.

The VeChain network has seen significant growth. As CNF reported, the project has recently unveiled a new platform that will enable the community to engage, earn, and prosper while promoting sustainability and growing the ecosystem. The VeBetterDAO platform is an evolution of the Web3 for Better whitepaper co-authored by Boston Consulting Group.

The project has further announced, under the new platform, the VeBetterDAO Galaxy Member (GM) NFT System. The whitepaper explains that VeBetterDAO uses an upgradeable NFT system to determine the level of user privileges. In this case, a higher level would be subjected to greater rewards. These developments will help drive developer and user adoption of the project and demand for the tokens.

VET’s market sentiments have been bullish, with investor interest in the token reaching record highs. One key pointer for this is the total open interest, which has recently risen from 16.0 million to 48 million. Another key marker is the rise in social dominance and social volume. Analysis of VET social activity on the X and Telegram platforms shows an uptick, a clear indication of potentially positive interest.

This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.